News & Analysis as of

Savings Accounts Coronavirus/COVID-19

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update – May 2020 #19

Hogan Lovells on

In Washington - The House will meet for a pro forma session on Monday and the full House is out of session next week. The Senate will reconvene on Monday and resume consideration of John Badalamenti to be United States...more

Akerman LLP

CFPB Issues FAQs Regarding Credit Cards, Prepaid, and Deposit Accounts

Akerman LLP on

On May 13, 2020, the Consumer Financial Protection Bureau (CFPB) issued two sets of FAQs. The first set of FAQs is directed to providers of checking, savings, and prepaid accounts. The second set of FAQs is directed to...more

Ballard Spahr LLP

Federal Reserve issues interim final rule allowing depository institutions to suspend enforcement of six-per-month savings account...

Ballard Spahr LLP on

Effective April 24, 2020, the Federal Reserve amended Regulation D to remove the six-per-month limit on transfers or withdrawals from the definition of a “savings deposit.” The amendment is set forth in an interim final rule...more

Morrison & Foerster LLP

FRB Eases Restriction On Savings Account Transactions As Part Of COVID-19 Relief Efforts

On April 28, 2020, the Federal Reserve Board (FRB) published an interim final rule that amends Regulation D to aid consumers with cash flow, due to the COVID-19 pandemic. Specifically, the FRB has eliminated the six-per-month...more

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